Eurozone set to decide on Greek austerity proposals

Greece has submitted a list of economic reform proposals to its creditors, the European Commission said on Tuesday.

Athens won the right to propose its own version of austerity at a series of tough negotiations with eurozone finance ministers last week, although these proposals will need to be approved by the so-called troika of the European Union, European Central Bank and the International Monetary Fund.

Finance ministers will hold a teleconference later on Tuesday to discuss the Greek government's plan to reduce domestic spending or boost its tax take.

The economic reforms arrived before the deadline of midnight on Monday, the Commission confirmed.

The list is expected to include measures to reduce tax evasion and corruption, which has weighed the Greek economy down for decades, as well as an overhaul of its public sector.

Greece's hard left government has vowed to tackle the country's "humanitarian crisis," created by years of strict austerity imposed by the troika as a condition of extending a financial bailout to Athens.

In doing so, the government has proposed spending increases on relief measures, including free electricity and meals for the poorest strata of Greek society.

Greek prime minister Alexis Tsipras won elections on an anti-austerity ticket and pledged to end the hated bailout that Greeks blame for bringing the country's economy to its knees.

But Athens essentially agreed to a temporary extension of the bailout and its conditions last week, when it secured a four-month loan agreement.